SAN JOSE (KCBS) – San Jose leaders are looking to encourage more construction of high-rise office and residential buildings in the downtown area.
San Jose Mayor Chuck Reed said he is looking for a developer to build at least two 12-story residential towers downtown.
“During this window when the economy is moving up, we want people to make pretty big investments, like $100 million,” said Reed. “So in order to give them a little boost, we’re going to cut some taxes, cut some fees and cut some red tape to make it easier for them to make that decision and invest in San Jose.”
KCBS’ Mike Colgan Reports:
Reed said he doesn’t think filling the buildings would be a problem.
“We have no doubt that there will be more people moving downtown. The buildings that we have have leased up,” he said. “Now it’s time for some new construction to allow a few hundred more people per building to move in and help support downtown, which will generate some jobs and revenue for the city in the process.”
The San Jose City Council is expected to discuss the incentives for builders at its meeting on Tuesday.
To qualify for the proposed incentives, projects would have to break ground by the end of 2013.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)